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CMI Working Paper 26

Extensions to younger ages of the 00 series pensioner tables of mortality

CMI Working Paper 26 is the latest in a series produced by the Mortality Graduation Working Party (MGWP) covering the graduation of the 1999-2002 mortality experience (the 00 series)

In CMI Working Paper 16 the proposed mortality rates for the life office pensioner tables started at age 50 due to low data volumes at the younger ages. However, feedback received suggested that practitioners would find it useful for the pensioner tables to be extended down to younger ages.

The Working Party therefore revised the tables for normal retirements so that they started at age 20, and these were published in CMI Working Paper 22 in July 2006. The 00 series tables of mortality were officially adopted by the IFoA on 1 September 2006.

The rates for early and combined retirements, though, were left unchanged and commenced at age 50. However, there was also a demand for extending these tables and so in this Working paper the Working Party suggests possible extensions down to age 20. There are a number of approaches that could have been adopted and we believe those set out in this Working paper are reasonable, but other approaches may also be equally appropriate.

The CMI is not seeking approval for these rates from the IFoA.

Please note that it is the responsibility of any actuary or other person using a published mortality table to ensure that it is appropriate for the particular purpose to which it is put

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